Despite the mathematical scarcity and utility of the Bitcoin network, I remain highly sceptical of its long-term prospects. Serious risks include:

• Quantum computing threats that could break current cryptography, with no guarantee of global consensus for an upgrade.
• Lack of intrinsic value: Unlike assets tied to cashflow or industrial use, Bitcoin’s value is ultimately based on collective belief.
• Proof-of-work and network fees: The original design, while ingenious, may be inefficient and outdated compared to modern alternatives.

On the positive side, Bitcoin’s exact digital scarcity (unlike gold, which could be mined from space), its libertarian whitepaper origins, and the ongoing push for mass adoption—especially by institutions—show genuine innovation. Yet, like many transformative technologies, Bitcoin could still prove to be a speculative bubble, much like the tulip mania or dot-com boom.

This analysis is not investment advice. As always, do your own research and consider both the risks and the potential of any asset.